And, yet, ArenaNet employs an economist to maintain the GW2 Market and TP, prevent inflation, and control gem/gold ratios. How much of that job was utilized in creating this item, I don’t know, but I would assume none unless I am to infer that it was just a poorly conceived job at all.
They won’t remove the item (unless they do one of those ONLY FOR A LIMITED TIME deals), because they would want to save face.